Agar is a gelatinous substance derived from certain species of seaweeds and is widely used as a gelling agent, thickening agent, or stabilizer in food preparation and microbiological culture media. It is commonly added to dairy products, confectionery, bakery products, meat products, instant foods, canned foods, salad dressings, and desserts to increase stability and maintain texture. Agar provides texture to foods without imparting flavors. Increasing demand from food industries for natural food additives and stabilizers is driving the growth of the agar market.
The global agar market is estimated to be valued at US$ 348.37 Bn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in Global Agar Market Share are Microsoft (US), Okta (US), IBM (US), Oracle (US), Salesforce (US), Ping Identity (US), HID Global (US), ForgeRock (US), CyberArk (US), Micro Focus (US), Thales (France), RSA Security (US), Avatier (US), ManageEngine (US), SecureAuth (US), EmpowerID (US), SAP (Germany), Simeio (Georgia), One Identity (US), FusionAuth (US), Auth0 (US), IDnow (Germany), Zephr (UK), Signzy (US), Civic (US), Trusona (US), Beyond Identity (US), Akamai (US), Delinea (US), Optimal IdM (US), Netwrix (US), Zoho Vault (US), Transmit Security (US). The key opportunities in the agar market include rising demand for processed and packaged food products, increasing applications of agar in microbiology, and growth in pharmaceutical applications. The key players are expanding their production capacity and focusing on geographic expansion to capitalize on opportunities in Asia Pacific, North America, Europe, and other regions.
Market drivers
Increasing health consciousness among consumers is driving the demand for natural ingredients like agar. Rising consumption of dairy products globally is also boosting the agar market. Growing applications in microbiological culture media and plant tissue culture is another key factor fueling market growth.
Market restraints
Overexploitation of seaweed resources required for agar extraction is a concern. Agar extraction is a labor-intensive process, which increases production costs. Fluctuating seaweed supply can impact agar availability. Stringent food safety regulations associated with agar may also hamper market growth to some extent.
Segment Analysis
The agar market is dominated by the plant segment which holds around 60% share of the overall market. This is because agar is primarily extracted from red algae species which are abundantly found in South East Asia. The red algae species Gracilaria and Gelidium are the major commercial sources of agar. They are harvested primarily from Indonesia, Philippines and Thailand which are the leading producers. The easy availability of raw materials from local sources makes the plant segment very cost effective for agar production.
Global Analysis
The Asia Pacific region dominates the global agar market with a share of over 50%. China, Indonesia, Philippines and Thailand are the major agar producing countries in this region. Indonesia is the world's largest producer and exporter of agar, accounting for around 75% of global supply. The abundant availability of raw materials from coastal regions and low production costs gives the Asia Pacific region a major competitive advantage in the agar market. North America is the second largest and fastest growing regional market due to increasing use of agar in food, microbiological and cosmetic applications. The U.S accounts for the largest share in North America driven by high health awareness and growing demand for vegan products.
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